Court jails four for illegal forex, naira trading in Lagos
Justice F.N. Ogazi of the Federal High Court in Ikoyi, Lagos, on Friday convicted and sentenced four persons to two and six months’ imprisonment respectively for offences bordering on illegal foreign exchange transactions and unlawful trading of naira notes. The convicts; Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon, and Olasunbo Sholanke were separately arraigned […] The post Court jails…
Four individuals in Lagos have been jailed for engaging in illegal foreign exchange transactions and unlawful naira note trading, according to a ruling by Justice F.N. Ogazi of the Federal High Court in Ikoyi. Ahmad Umar Baros received a two-month sentence, while Aminu Umar Injay, Yusuf Suleimon, and Olasunbo Sholanke each received six months imprisonment.
The defendants pleaded guilty to their charges, and the court found them all guilty. The charges against Baros involve participating in a foreign exchange transaction outside the official market, while Suleimon and Sholanke were charged with selling and trading naira notes issued by the Central Bank of Nigeria. All four defendants opted for imprisonment sentences ranging from two to six months, with an additional potential fine of ₦100,000.
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